Something that has been on my mind for some time now, is the thought of transparency in business. It is something that invokes a strong reaction, both positive and negative. I have seen this reaction, even in our own management team as thoughts move from advantages to risks. I am firmly in the camp that the advantages outweigh the risks but I thought it would be an interesting discussion to try to answer the question….. Is transparency worth the risk?
What do I mean by transparency?
I do not mean sharing confidential information nor do I mean asking others to run your business.
I mean:
- The end of the “fortress on the hill” corporate mentality.
- Providing insight into your thinking and considerations so those around you are empowered.
- An invitation to “come on in”
- An “opening up” of a company or an “opening of the dialogue”.
When you really open the dialogue, your customers and those around you will likely tell you exactly how they feel. This feedback can supercharge your business as you involve the power of many to make your company better, but it can also be a double edged sword. It can feel tremendous when things are good but what happens when you have challenges and setbacks?
I think this is where the many would conclude that transparency is not worth it. The first thought is ‘what if I make a mistake?’ It feels like a huge risk to be in the middle of a mistake and being transparent about it. And therefore there is a strong reaction as the debate moves from positives to negatives and advantages to risks.
Next week, I will talk about transparency with products, and what happened with BuildDirect when we opened our product reviews for our customers to comment on, and for all to see.
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